Month: January 2022

More than 80% of the NFTs Minted for Free Were Unoriginal or Fake 

Jay Jackson

OpenSea, one of the largest NFT marketplace has reported in a Twitter post that more than 80% of the NFTs created for free on its platform were plagiarized from other artists, fake, or spam. The company reported that users are misusing the free minting tools on the platform to commit fraud and create spam.  OpenSea revealed this rampant fraud shortly after the announcement that users would now be able to make a maximum of five collections with 50 NFTs for each collection using the free feature.  The company created the…

SOL Surges 17% After Coinbase Lists Two Solana Ecosystem Tokens

Shaurya Malwa

Solana’s SOL jumped 17% in the past 24 hours to regain the $100 and above level after Coinbase listed two other tokens of the Solana ecosystem. The crypto exchange said on Monday it would list ORCA and FIDA, tokens of Solana-based decentralized exchanges Orca and Bonfida respectively, as reported. The move marked the first time non-Ethereum assets were listed on Coinbase. It previously only stuck to list tokens built atop the Ethereum blockchain or the native tokens of blockchains, such as Avalanche (AVAX) and Solana. nice, @coinbase supports @solana SPL…

Bitcoin Network Transaction Volume Surpasses American Express: Research

Keira Wright

New research has found that the annual transaction volume on the Bitcoin network surpassed that of some well-known card networks, such as American Express (AmEx) and Discover, during 2021. The NYDIG Research Weekly’s Jan. 29 report stated that Bitcoin processed $3 trillion worth of payments during 2021, placing it above popular credit card networks American Express ($1.3 trillion) and Discover ($0.5 trillion). The report authors, NYDIG Global Head of Research Greg Cipolaro and Research Analyst Ethan Kochav, also found that the Bitcoin network had settled more transaction volume in Q1…

Q&A: Finicity CEO talks open banking regulation, the US’s innovative edge, and web3

Anthony B

The UK pioneered open-banking regulations (and popularized the term), but Finicity CEO Steve Smith contends that the US has long been the engine of innovation driving the space forward. In an interview with Insider Intelligence, Smith unpacks why open banking is a valuable tool for consumers, fintechs, and incumbents alike—and where it’s headed next. He breaks down the regulatory landscape and identifies where regulators can take the baton from the industry to keep consumers safe. He also gives his take on why consumers have a hard time trusting fintechs with…

Bitcoin Steady Near $38.5K as Australian Central Bank Ends Easing Program

Anthony B

Bitcoin has nearly halved in value since peaking near $69,000 on Nov. 10, predominantly due to fears of faster Fed tightening. The cryptocurrency’s fortunes are closely tied with the equity markets, with the 60-day correlation between the two assets now at 65% versus virtually zero in 2017. The sensitivity to stock market gyrations and macro factors like central bank decisions perhaps stems from increased institutional participation. Besides, bitcoin has been one of the inflation trades. Author: Omkar Godbole Source link

Why More Gains Seem Possible

Aayush Jindal

Ethereum started a steady increase above the $2,650 resistance against the US Dollar. ETH price could rise further if there is a clear move above the $2,800 level. Ethereum gained pace above the $2,600 and $2,650 resistance levels. The price is still trading above $2,650 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,580 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend increase if it surpasses the $2,800 resistance zone. Ethereum Price Gains Momentum…

Circle’s USDC stablecoin gobbles Tether’s market share with 50B milestone

Martin Young

The world’s second-largest stablecoin by market capitalization keeps on growing as it erodes the dominance of the current leader, Tether. The stablecoin landscape is a constantly-shifting dynamic but one trend has become clear over the past year or so — Tether’s dominance is diminishing. Its main rival, Circle, has just reached a milestone of 50 billion USDC in circulation according to CoinGecko and a Feb. 1 tweet by company co-founder and CEO, Jeremy Allaire. 50 BILLION USDC (w/ thread below) pic.twitter.com/5FEaPmXjup — Jeremy Allaire (@jerallaire) February 1, 2022 Allaire said…

The Ups and Downs of Crypto Loans

Adam B. Levine

HODL. It’s crypto-land philosophy for not selling your preferred token even when things look their most bleak. But where philosophy intersects with real-world concerns like shelter, food and the niceties of life, tactics have emerged which offer both opportunities and risks. From smart contracts to bitcoin collateralized mortgages, the hosts discuss their experiences with loans in the world of crypto. Author: Adam B. Levine Source link

Yield Guild Games Raises $1.45M for Philippine Typhoon Relief

Keira Wright

Yield Guild Games (YGG) has raised $1.45 million to support people affected by December 16’s Typhoon Odette in the Philippines, with nearly $1 million already dispersed to people in need. The funding was used to purchase essential goods like medicines, power generators, and canned food, which were turned over to the Philippine Army and Navy and non-profits to distribute among affected communities. There is still about $458,000 worth of crypto and tokens that have been donated to the relief fund but they have yet to be converted to fiat currency…

Anchorage Closes in on FDIC Crypto Custodian Deal, Documents Show

Anthony B

Digital assets are growing more commonplace on the balance sheet of banks in the U.S. Eventually one of these institutions may fail, and the Federal Insurance Deposit Corporation (FDIC) will need to step in to clean things up. Cue Anchorage, a digital assets custodian, and the first crypto startup to receive a trust charter from the Office of the Comptroller of Currency. According to documents obtained by filing a Freedom of Information Act (FOIA) request, the bank is in the final stages of bidding for a contract with the FDIC…